Energia fourth supplier to hike rates

Energia has become the fourth Irish energy supplier to increase electricity prices in the past month.

The company announced yesterday it is implementing a 3.9% rise to its electricity prices for residential customers from December 1.

That will cost the average consumer an extra €31 a year.

More price rises from other suppliers are expected soon, following three years of record-low wholesale costs that led to small price cuts for consumers here.

SSE Airtricity has already announced its customers will have to pay an extra 5.6% from the start of next month, adding in the region of €50 a year to the average bill.

Bord Gáis Energy’s electricity prices are going up by 5.9% and its charge for gas by 3.4%, from November 1.

This will mean the average electricity bill will rise by €57 a year, with typical gas bills rising by €25 a year.

Electric Ireland is also raising electricity prices, but its increase will not come into effect until February 1 of next year.

All suppliers say that the price increases are due to the rising wholesale cost of energy.

The Government’s PSO Levy on all electricity bills also rose by almost €25 per year from October 1 which means that most consumers will be paying an extra €56 a year at least for electricity.

The price rises come despite global energy supplier Just Energy entering the market last month, taking to 10 the number of energy suppliers.

Commenting on the announcement, Eoin Clarke, managing director of Switcher.ie, says: “This announcement has confirmed our fears that once one supplier announced a hike others would follow suit.

“When you take all of the announcements into account, this means that over nine in 10 electricity customers in the country are going to see their bills go up over the coming months.”


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